Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

v3.19.1
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)
 3 Months Ended
Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of condensed financial information of joint ventures
The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of March 31, 2019 and December 31, 2018 (in thousands):
 
March 31, 2019
 
December 31, 2018
ASSETS
 
 
 
Self storage properties, net
$
1,876,504

 
$
1,894,412

Other assets
34,334

 
50,915

Total assets
$
1,910,838

 
$
1,945,327

LIABILITIES AND EQUITY
 
 
 
Debt financing
$
947,391

 
$
956,357

Other liabilities
17,122

 
16,516

Equity
946,325

 
972,454

Total liabilities and equity
$
1,910,838

 
$
1,945,327

 
 
 
 

The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the three months ended March 31, 2019 and 2018 (in thousands):
 
Three Months Ended March 31,
 
2019
 
2018
Total revenue
$
39,795

 
$
14,806

Property operating expenses
12,544

 
5,293

Net operating income
27,251

 
9,513

Supervisory, administrative and other expenses
(2,653
)
 
(1,057
)
Depreciation and amortization
(21,826
)
 
(5,507
)
Interest expense
(10,020
)
 
(2,899
)
Loss on sale of self storage properties
(806
)
 
—

Acquisition and other expenses
(408
)
 
(262
)
Net loss
$
(8,462
)
 
$
(212
)
 
 
 
 

The combined condensed operating information in the table above only includes information for the 2018 Joint Venture following the acquisition of the Initial 2018 JV Portfolio in September 2018.